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The first week of the stock market’s most notorious month will start with a bang and end with a whimper.  Earnings season officially starts on Wednesday afternoon when Alcoa reports, but don’t be fooled – the true start to earnings season is not for another 10 days or so.  The noise from the MSM will be deafening and the market reaction should be a snooze fest.  The actual earnings calendar is relatively light this week with just 6 S&P 500 companies reporting.  None of them should be major market movers.  The economic calendar is also relatively light with ISM Services at the beginning of the week and a light calendar the rest of the week.

With the market 5% off its highs we’re at a critical juncture in the rally. Technically,  stocks are short-term oversold, but the fundamentals now appear to be fully in question as earnings thus far have been disappointing and housing begins to show further cracks in the foundation.   I remain fully in the anti-beta trade, but will update my outlook early this week as I wrap my brain around the upcoming earnings season which is certain to be the next major market catalyst.

Monday –

ISM Non-Mfg Index – 10:00 AM ET

Tuesday –

ICSC-Goldman Store Sales – 7:45 AM ET

Redbook – 8:55 AM ET

Wednesday –

Consumer Credit – 3:00 PM ET

Thursday –

Chain Store Sales

Jobless Claims – 8:30 AM ET

EIA Natural Gas Report – 10:30 AM ET

Friday –

International Trade – 8:30 AM ET

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